Alert! OFAC Changes

Deborah Crawford

Deborah Crawford is the President of Gettechnical Inc., a Virginia based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 30+ years of combined teaching and banking experience.

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The Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an interim final rule to amend the Reporting, Procedures and Penalties Regulations (the Regulations) to provide updated instructions and incorporate new requirements for parties filing reports on blocked property, unblocked property, or rejected transactions. In addition, OFAC is revising the licensing procedures section of the Regulations to include information regarding OFAC’s electronic license application procedures and to provide additional instructions regarding applications for the release of blocked funds. OFAC also is clarifying the rules governing the availability of information under the Freedom of Information Act (FOIA) for information that is submitted to OFAC pursuant to the Regulations. Finally, OFAC is making numerous technical and conforming edits throughout the Regulations.

Covered Topics

Revised reports for initial blocking reports

Revised annual reports of blocked property

New requirement for submitters of annual reports of blocked property who maintain blocked funds in omnibus accounts

Revised reports for blocked transactions

Clarify the rules regarding the availability of information, under the FOIA

Revised forms for rejected transactions

Revised licensing procedures and forms

Revised Framework for OFAC compliance

Who Should Attend?

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